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Russian Bitcoin Mining is Under Review in the Face of Conflict with Ukraine. Large ETH Pool Cancels Service To Russia

With the conflict between Russia and Ukraine, many observers are curious about the large quantity of hashrate located in Russia, as the region reportedly controls the third-largest sum of SHA256 hashpower worldwide. Furthermore, on February 24, the ethereum mining operation Flexpool announced it has halted services to Russia entirely. Flexpool informed its customers that it had apologized to Russian miners. However, many of you don’t support the war.

Russia Faces a Wave of Economic Sanctions, SWIFT Still Accessible

All eyes are on Russia-Ukraine war this week. After Vladimir Putin’s invasion of Ukraine, many countries have started to impose or threaten economic sanctions. The Russian ruble has been feeling the wrath of volatile markets, Russia’s stock market shuddered and UBS cut Russia’s bond market down to zero.

The European Union handed down economic sanctions against Russia, and U.S. president Joe Biden revealed America would sanction the country as well. Despite the U.K. begging the SWIFT payment network to ban Russia, the country is still allowed to leverage the financial system. Erik Voorhees, a crypto advocate and Shapeshift founder, made fun of Russia’s inability to transact with SWIFT.

“Apparently Russia’s actions are so egregious that the West has decided to permit Russia to continue using the SWIFT Network,” Voorhees tweeted.

Russia Controls a Significant Part of Hashrate. Putin Claims Region Has “Competitive Advantages”, Compass Mining Says Team’s Operators Are ‘Isolated from Geopolitical Unrest ‘

Cryptocurrency advocates are also discussing Russia’s hashpower, as Russia reportedly has the third-largest amount of hashrate in the world. That statistic stems from the Cambridge Bitcoin Electricity Consumption Index (CBECI) data that was published in July. Because electricity is cheap, a lot of mining operations extract cryptocurrencies from Russia. For instance, Bitcluster has operated in Russia since 2017 with over 20,000 mining devices and it offers hosting at $0. 062 per kilowatt-hour (kWh).

A mining operation called Vekus leverages the Russian oil drilling subsidiary Gazpromneft in order to mine bitcoin. At the end of last month, Russian president Vladimir Putin explained that Russia has “competitive advantages” when it comes to cryptocurrency mining. The mining operation Compass Mining also hosts bitcoin miners in the Siberian region. On Thursday, Whit Gibbs from Compass Mining explained on Twitter that the company’s facilities in Siberia were “well isolated from any geopolitical unrest.” Gibbs added:

Compass has confirmed with our partners that all miners are safe and will continue running as normal.

The media is already talking about Russia leveraging cryptocurrencies and crypto asset mining to avoid sanctions. According to Elliptic, Iran used bitcoin mining to circumvent economic sanctions. Last week, the Biden administration told semiconductor manufacturers that they should “diversify their supply chain” and at the same time, the California-based technology company Intel announced the launch of bitcoin mining chips.

All Russian IPs

Banished from Large Ethereum Mining Pool

Amid the conflict between Ukraine and Russia, Bitcoin’s hashrate has dropped a hair since reaching an all-time high on February 15, 2022. On that day, six-month charts show the hashrate tapped 249. 75 exahash per second (EH/s) and today it is down 26% since that high, at 182 EH/s. While bitcoin miners seem to be unaffected by the situation in Ukraine, on Thursday the ethereum mining operation Flexpool announced it will be cutting off Russian ethereum miners. Flexpool is currently the fifth-largest ethereum miner in terms of ETH hashrate.

” While there are no options, it would be wrong not to profit from it or finance it indirectly. Flexpool announced that they would be cancelling service to all Russian IPs, and will pay any outstanding balances. We are sorry to our Russian miners, many of you don’t support the war. Your nation is supported by you. Russia can’t function without its people. We can only affect this war if we reduce the economic power of its citizens. We appreciate your loyalty and hope that you will understand that this is not an easy decision .”

What do you think about the conflict in Ukraine and the possibility of Russia avoiding sanctions with cryptocurrencies? What are your thoughts on the issue of Russian crypto miners? Comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Introducing iFX EXPO Dubai 2025 – MENA’s No.1 B2B & B2C online trading event

Be part of the ultimate gathering of industry professionals in Dubai Mark your calendars! MENA’s most popular online trading event – iFX EXPO Dubai 2025 – returns to the region, with the latest instalment promising to be the biggest and best one yet. Taking place between January 14-16, 2025, at the Dubai World Trade Centre,…


Be part of the ultimate gathering of industry professionals in Dubai

Mark your calendars! MENA’s most popular online trading event – iFX EXPO Dubai 2025 – returns to the region, with the latest instalment promising to be the biggest and best one yet.

Taking place between January 14-16, 2025, at the Dubai World Trade Centre, the 2+ day exhibition is one of the largest B2B and B2C expos of its kind anywhere in the world, bringing together key players from across the globe. 

Whether you are a seasoned trader, new to the industry, or a business looking to grow your presence in MENA, iFX EXPO Dubai 2025 is set to be an unmissable event, with 7k+ professionals from 120+ countries set to be in attendance.

Building on the huge success of last year’s event, passholders will be able to access 13+ hours of insightful content across three stages, Speaker Hall, Idea Hub, and Traders Arena, featuring a stellar lineup of influential experts and visionary thinkers.

A must-attend event for traders 

iFX EXPO Dubai 2025 has cemented its reputation as a global meeting point for the online trading community, offering traders the chance to experience unparalleled networking opportunities and cutting-edge industry insights. 

It is a gateway to learning and growth, with all areas of the venue providing fantastic learning opportunities. The main expo floor will serve as the primary marketplace where traders can network with top brokers, access industry leaders, and explore the latest trading platforms and state-of-the-art technologies.

As well as the insightful speaker sessions, Q&As, and panel discussions featured at the Speaker Hall and Idea Hub, traders will be able to head to the Traders Zone, comprising the exclusive Traders Lounge and Traders Arena. 

The Traders Lounge serves as an important hub for collaboration, where traders from around the world can exchange insights, build relationships, and keep updated with the latest industry trends in a more informal setting. 

Meanwhile, the Traders Arena provides a dynamic stage for trading education and community building, offering an ideal environment for traders to learn, share, and grow within the world of online trading.

Business sponsorship and exhibitor opportunities

iFX EXPO Dubai 2025 presents FX and fintech firms with a unique opportunity to showcase their business to a target audience of thousands of attendees from across the industry, including brokers, traders, affiliates and IBs, liquidity providers, fintechs, prop firms, institutional investors, and more.

From start-ups to established companies, the event offers the ideal platform to promote their offerings and put their brand on the map through a range of exclusive sponsorship and exhibitor packages.

By becoming an official sponsor or exhibiting at a booth, companies can not only boost their visibility but also unlock greater opportunities to form strategic partnerships, generate leads, and drive business growth.

Due to high demand, there are limited booths and sponsorship slots available, meaning interested parties are encouraged to get in touch with the event organisers quickly to avoid disappointment.

For more information about how to sponsor or exhibit as a business, click here

Counting down to Dubai 

The excitement is already building, with January fast approaching. iFX EXPO Dubai 2025 is gearing up to be the biggest online trading event of the year in MENA, offering unmatched opportunities for traders and businesses alike. 

Early bird registration is now open, so don’t miss the chance to secure a spot at the event everyone will be talking about. To guarantee attendance at iFX EXPO Dubai 2025, click here.


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Uniswap unveils own layer-2 network Unichain, UNI price soars 11%

Uniswap has launched its layer-2 network called Unichain The OP Stack-powered L2 is in testnet and is designed to improve transaction speed, lower costs, and boost liquidity UNI token’s price surged to $8.14, its highest level in over two months Uniswap, a leading decentralized exchange platform, has announced a major development for its network and…


  • Uniswap has launched its layer-2 network called Unichain
  • The OP Stack-powered L2 is in testnet and is designed to improve transaction speed, lower costs, and boost liquidity
  • UNI token’s price surged to $8.14, its highest level in over two months

Uniswap, a leading decentralized exchange platform, has announced a major development for its network and ecosystem.

The news helped Uniswap’s native token UNI to soar double digits on Thursday.

On October 10, the Uniswap team revealed that the DEX platform was looking to launch its layer-2 network on Ethereum. The L2, dubbed Unichain, is earmarked for decentralized finance (DeFi).

Per the Uniswap Labs announcement, its a solution to transaction speed and costs for the exchange’s users. Also key to the launch is the question of liquidity.

Introducing @unichain — a new L2 designed for DeFi ✨

Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network

Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio

— Uniswap Labs 🦄 (@Uniswap) October 10, 2024

Unichain is powered by Optimism’s OP stack and offers one-second block times. Sub-block times of 200-250 milliseconds is also part of the development.

Uniswap Labs wrote on X:

“This type of speed isn’t just great for UX, it also improves market efficiency and lowers value lost to MEV.”

Uniswap has partnered with OP Labs for native interoperability, with this enabling implementation of cross-chain messaging and cross-chain liquidity. The platforms plan to bolster the ecosystem’s connectivity with cross-chain swapping across the Uniswap interface and wallet.

According to details in today’s announcement, the Unichain testnet is live, while the mainnet will go live later in Q4, 2024.

UNI price soars 11%

Native Uniswap DEX token UNI is among the top gainers in the crypto market. This follows a price explosion for the cryptocurrency after the news emerged.

With most altcoins down on the day or struggling for upside, UNI spiked more than 11% to hit highs last seen in July 2024. The token’s surge to the multi-month high of $8.14 saw Uniswap rank as the top performing coin among top 100 coins by market cap.

UNI traded around $8.05 at the time of writing, still up by more than 9%.


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Fundstrat’s Tom Lee Predicts Bitcoin Bull Market Surge Due to Supply Shock

Tom Lee, CIO of Fundstrat Capital, a financial research firm, has predicted that the bitcoin bull market will continue in December and announced that the first cryptocurrency will reach “well over $100,000” by year-end. Tom Lee Forecasts Bitcoin Reaching $100,000 By Year’s End in All-Asset-Encompassing Bull Market The bull market predictions for bitcoin prices keep [……
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